Global insurance M&A reportedly at highest level in four years

Insurance Business Magazine | August 02, 2019

A new report by Clyde & Co found that the level of global insurance industry mergers and acquisitions (M&A) has increased considerably in recent times. According to Clyde & Co’s Insurance Growth Report, there were 222 completed M&A deals worldwide in the first half of 2019 up from 196 in the second half of 2018. This represents a 13% increase in M&A deals – the highest increase in the volume of transactions since the first half of 2015. The figure also represents the fourth consecutive six-month period of M&A growth. While the report found that the Americas was the most active region for M&A, with 93 recorded deals, it was Europe that reported the biggest increase in M&A activity – a 40% increase in M&A with 88 completed deals in H1 2019 compared to 64 in H2 2018. Of the European countries, France was leading in terms of insurance M&A activity and the second most active worldwide just behind the US. France is then followed by the UK and Spain.

Spotlight

The U.S. health care system does not work as well as it could, or should. Prices are high and vary in seemingly incoherent ways, yet quality of care is uneven, and the system lacks the innovation and dynamism that characterizes much of the rest of our economy. The dearth of competition in our health care markets is a key reason for this dysfunction.

Spotlight

The U.S. health care system does not work as well as it could, or should. Prices are high and vary in seemingly incoherent ways, yet quality of care is uneven, and the system lacks the innovation and dynamism that characterizes much of the rest of our economy. The dearth of competition in our health care markets is a key reason for this dysfunction.

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INTELLECTUAL PROPERTY

AXA XL Announces Key Leadership Appointments in Aerospace Underwriting

AXA XL1 INSURANCE | January 11, 2022

AXA XL has appointed Thisiani Matsumura-Martins as Global Chief Underwriting Officer, Aerospace. Effective April 1st and based in Sao Paulo, she will report to Nancy Bewlay, Global Chief Underwriting Officer and work closely with the Regional Business Units to develop and assess underwriting strategic direction and profitability for Aerospace. "Thisiani brings a wealth of technical and market-facing experience. She is a seasoned regional leader prepared to support the Aerospace team in product development, innovation and client and broker engagement across all geographies and markets," - Ms. Bewlay. Ms. Matsumura-Martins brings 27 years of experience in the insurance and reinsurance industry. She has previously worked at Allianz and Liberty, and as an underwriter in a variety of business lines including Aerospace, Property, Construction, Marine, Personal Accident and Life. She first joined AXA XL in 2014 as Technical Director for Brazil and was later appointed as Chief of Staff for Latin America. Currently, she serves as the interim Regional Leader for AXA XL in Latin America and Country Manager for Brazil where she is co-leading the integration of AXA's operations in the country. Additionally, Tom Callahan has been promoted to Global Head of Underwriting Management and CUO of Aviation. Based in New York, Mr. Callahan will be reporting to Ms. Matsumura-Martins. Mr. Callahan has been a member of the Aerospace team at AXA XL since 2006, most recently serving as the Global Head of Underwriting Management. In his new role, he will have increased responsibility and management of the technical underwriting strategy for Aviation. Mr. Callahan has more than three decades experience in the business, having worked across all areas of the aerospace insurance and reinsurance sector. He holds a degree in finance from Manhattan College and an MBA from Pace University. ABOUT AXA XL AXA XL¹, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. ABOUT AXA XL1 INSURANCE AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally.

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INSURANCE TECHNOLOGY

APOLLO Insurance and CAARY Collaborate to Offer Access to Embedded Digital Insurance

APOLLO Insurance | July 15, 2021

APOLLO Insurance, Canada’s largest online insurance provider, has collaborated with CAARY, a financial platform for small and medium-sized businesses (SME), to provide visitors to caary.com with customized digital insurance products. APOLLO Insurance, which debuted in 2019, currently has the biggest selection of online insurance in Canada, thanks to brokers and integrated partnerships. Consumers can obtain a quote and buy insurance via APOLLO in five minutes, from any device, 24 hours a day, seven days a week. As a result, CAARY is changing how Canadian small businesses get credit and manage their spending and expenses. CAARY will use its partnership with APOLLO to provide its clients with digital access to value-added insurance products. CAARY, which will launch its complete platform offering this autumn after a private beta this summer, is a first-of-its-kind corporate credit card solution for Canada’s more than 850,000 SMEs that still depend on personal credit. CAARY, which uses the renowned Mastercard network, offers same-day credit card acceptance, no personal guarantee requirements, and near-instant virtual card issuance, with physical cards issued on demand. In addition, the CAARY senior leadership team, made up of former senior banking executives and entrepreneurs, has developed a model for assessing and offering credit to SMEs based on cash flow and assets rather than credit history, a novel approach that is expected to benefit this underserved market in Canada significantly. The APOLLO Exchange, APOLLO’s proprietary technology platform, transacts insurance business in real-time, using vast data and powerful algorithms to quote, collect a payment, generate and distribute policies. As a result, APOLLO enables thousands of small businesses and individuals to purchase online without the need for human intervention. About APOLLO Insurance Apollo Insurance Solutions Ltd. (“APOLLO Insurance”) is the largest online insurance company in Canada. The APOLLO Exchange, our unique platform, enables insurance brokers and their clients to buy their coverage instantly, from anywhere, on any device, 24 hours a day, seven days a week. Unlike traditional paper-based procedures, APOLLO uses vast data and sophisticated algorithms to quote, collect money, and issue policies for thousands of different kinds of small businesses and individuals without the need for human intervention. APOLLO is reinventing insurance distribution through traditional agents and embedded finance partnerships. About CAARY CAARY is a financial technology company with a mission to reimagine products, processes, and the client experience to transform and streamline credit and banking for businesses. CAARY is a fully digital corporate card that is more than just a credit card. CAARY’s expenditure management and spend control features are intended to give you back control and time so you can focus on growing your business. CAARY has developed the next generation of financial tools to improve the efficiency of your company credit and banking experience, just like the rest of your digital life.

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INSURANCE TECHNOLOGY

Patriot Insurance Partners With NXG to Expand in New York

PATRIOT INSURANCE | June 10, 2022

Patriot Growth Insurance Services, LLC (Patriot), one of the nation's largest and fastest-growing insurance agencies, has announced a new partnership with New York-based NXG Insurance Agency Group (NXG). Patriot's reach in New York is expanded, while NXG's resources and capabilities are expanded to a national level because of this relationship. NXG is a commercial property and casualty insurance company based in Kingston, New York, that also offers personal insurance. They also have a specialist loss control and risk management staff, as well as a professional construction crew. "Our partnership with Patriot is exciting because we share the same core values, beliefs and desire to do what is best for our clients," said Joseph Davis, president of NXG. "Like Patriot, we're focused on growing our business and providing our clients with the best service, resources and products." Susan Provost, Executive Vice President and Chief Operating Officer at NXG added, "We're looking forward to collaborating with Patriot's team and their partner agencies. We think it is a great fit that will help accelerate our growth goals while allowing us to stay focused on our clients and their needs like we have done for the past 40 years." Patriot and NXG's alliance expand Patriot's property and casualty business division as well as its construction speciality.

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